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KMP Expressway inaugurated, to impact NCR?s real estate market

2018-11-26

Prime Minister Narendra Modi recently inaugurated the Kundli-Manesar Palwal (KMP) Expressway in Gurugram. Also known as the Western Peripheral Expressway, this 135-km-long expressway originates from Kundli (near Sonipat) and connects Palwal (near Faridabad) through Manesar (near Gurugram). It connects four highways ? NH-1, NH-2, NH-8, and NH-10 in Haryana. The ambitious project will have a huge impact on the real estate market of NCR. KMP will benefit several cities, including Sonipat, Manesar, Bahadurgarh, Palwal and Manesar. These areas are already witnessing a bump in property prices since the opening of the expressway.

?Connecting four major highways and three states, KMP has been one of the major expressways. It will lead to a substantial growth in the adjoining areas. This will result in boosting the trade, commerce, and industries in the New Gurugram,? said AnupamVarshney, Head Sales & Marketing, Vatika.

Ashish Sarin, Director and CEO, Alpha Corp, added, ?Both residential and commercial set-ups around the stretch are likely to witness the high rate of appreciation because of seamless connectivity among the regions. The stretch will not only cheer the developers and the home buyers but also the real estate market in NCR as a whole.

Manesar is an industrial town has transformed from a sleepy village to one of the fastest-growing townships in India and has great potential. The average residential rate in New Gurgram is around Rs 4,900 per sq ft, with little variation in the past one year. It is expected that the property rates will propel with many upcoming projects. Other areas such as Palwal, Sonipat, Kundli, and Manesar have residential rates between Rs 2,000-3,500 per sq ft, which will also experience a rise in market rate.

As planned, Kundli is set to get a Metro link with the extension of Delhi Metro. These investments will create nearly 1.5-2 lakh direct and indirect jobs in this region in the coming time.

?With fast-paced infrastructure development and modern lifestyle projects comprising residential, commercial, industrial and educational set-ups coming up along KMP, the area will soon become the major real estate hub of NCR, particularly sectors 82-83.? said Rahul Singla, Director, Mapsko Group.